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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Services Reports Record First Quarter San Diego, California, June 6, 2006 -- CSI Financial Services, (www.csifinancial.com), a national leader in automated patient financing solutions and management of self-pay accounts for hospitals throughout the United States, today announced a nine percent growth in its portfolio for the first quarter of this year, with more new patient loans granted than ever before. New business jumped 23 percent over the first quarter 2005, and more than 31 percent over the first quarter 2004. "We are very pleased with our growth for this period," said Mitch Patridge, Chairman and CEO of CSI. "The pipeline of pending transactions also remains extremely strong as we forecast similar growth in the second and third quarters of 2006," he said. According to Patridge, CSI has launched several new patient financing products that allow hospitals to provide financing to a broader array of patients. The new products coupled with several new bank alliances, allow CSI to address the growing need for streamlined and flexible patient financing, which in turn helps healthcare facilities to improve their revenue cycles and increase working capital. Almost one in every six people in the United States lacks health insurance, and millions of insured experience gaps in coverage. These trends in the uninsured and underinsured populations have led to a dramatic increase in patient-paid receivables. By utilizing CSIs automated financing methods hospitals can increase collections and reduce collection periods, while at the same time improve the patients experience with the healthcare provider. Notably, the cost of the program to the hospital is typically less than the cost of traditional collections. CSI Financial Services has more than 13 years of experience in providing automated patient financing solutions as well as management of self-pay accounts for more than 100 hospitals throughout the United States. The Companys financing methodologies are unique to the industry and allow healthcare providers to easily provide affordable financing to a diverse and underserved portion of their patient population. To date, CSI Financial Services has provided hospitals with more than $150 million in advance payments for patient accounts and currently has loans an all states except Rhode Island. For more information about CSI Financial Services visit www.csifinancial.com. |
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